The Partnered Core of an Economy and the Partnered Competitive Equilibrium

An allocation is partnered if it admits no asymmetric dependencies between players. We introduce the partnered core of an economy and the partnered competitive equilibrium. In an economy with unbounded consumption sets and local non-satiation we show that no unbounded arbitrage is sufficient for non-emptiness of the partnered core. With strictly concave utility functions we obtain a Second Welfare Theorem for the partnered competitive equilibrium and show that no unbounded arbitrage is necessary and sufficient for non-emptiness of the partnered core and the existence of a partnered competitive equilibrium.